The Maestro defines a bubble

At last we know what a bubble is. Alan Greenspan, who never used the dreaded word while in office to refer to market conditions, always insisted on talking about "froth" in markets.

But now he tells the FT that was always a euphemism. Froth is after all a collection of bubbles. Sticking with the aquatic image, it's all a matter of numbers:

"All the froth bubbles add up to an aggregate bubble."

So now we know.

The memoirs of former Fed chairman, entitled The Age of Turbulence: Adventures in